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Contract Management Quiz

Authored by Thiện Trần Khải

Computers

University

Used 1+ times

Contract Management Quiz
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57 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a characteristic of a fixed-price contract?

The buyer bears the risk

The price may change depending on costs

The seller bears the risk

No written agreement is needed

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a cost-plus-fixed-fee contract, who bears more risk?

The seller

The project manager

The buyer

The procurement office

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Time and materials contracts combine which of the following elements?

Only fixed cost

Only variable cost

Fixed-price and cost-reimbursable

Only incentive-based fees

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the minimum number of bids recommended when getting estimates?

2

3

4

1

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which department typically handles purchasing in an organization?

Accounting

Engineering

Purchasing

Legal

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is one disadvantage of involving the purchasing department?

They lack expertise

They may cause overhead

They are always slow

They increase product quality

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What financial metric is often used in cost/benefit analysis?

ROI

WBS

RFI

PERT

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